May 24, 2024
Singapore’s consumer price inflation stayed unchanged in April after easing to a 30-month low in the previous month, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Thursday.
The consumer price index rose 2.7 percent on a yearly basis in April, the same as in March. Meanwhile, economists had expected inflation to moderate to 2.6 percent.
Likewise, core inflation remained stable at 3.1 percent in April, as an increase in electricity and gas and retail and other goods inflation was offset by lower services and food inflation.
Prices for retail and other goods rose at a faster pace of 1.6 percent from last year, and private transport costs rebounded by 0.3 percent.
Electricity and gas inflation accelerated to 7.6 percent from 4.8 percent, while food inflation softened to 2.8 percent from 3.0 percent.
Singapore’s consumer price inflation stayed unchanged in April after easing to a 30-month low in the previous month, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Thursday.
The consumer price index rose 2.7 percent on a yearly basis in April, the same as in March. Meanwhile, economists had expected inflation to moderate to 2.6 percent.
Likewise, core inflation remained stable at 3.1 percent in April, as an increase in electricity and gas and retail and other goods inflation was offset by lower services and food inflation.
Prices for retail and other goods rose at a faster pace of 1.6 percent from last year, and private transport costs rebounded by 0.3 percent.
Electricity and gas inflation accelerated to 7.6 percent from 4.8 percent, while food inflation softened to 2.8 percent from 3.0 percent.
Core inflation is expected to stay on a gradual moderating trend over the rest of the year as import cost pressures continue to decline and tightness in the domestic labor market eases, the MAS said.
Domestically, increases in unit labor costs are expected to slow over the course of the year in tandem with the cooling labor market. Businesses will continue passing through accumulated labor costs to consumers, though at a reduced pace.
For 2024 as a whole, both headline and core inflation are projected to average 2.5-3.5 percent, the MAS said.
Source: RTT NEWS
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